HIGHOutside partyCustomer
82%
six largest backlog customers
“10-K Item 1A: 'We currently have contracts with six customers that represent approximately 82% of our total backlog as of December 31, 2025.'”
HLX · Concentration risk · 10-K extracted
Helix Energy Solutions Group, I (HLX) concentration risks
Updated
The most significant concentration Helix Energy Solutions Group, I discloses is six largest backlog customers at 82%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Helix Energy Solutions Group, I’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM1
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inProduct / Revenue mix
49%
offshore renewable energy contracts (Robotics segment)
“10-K Item 1: 'In 2025, revenues derived from offshore renewable energy contracts accounted for 49% of our global Robotics segment revenues.'”
LOWOutside partyCustomer
18%
Shell
“10-K Item 1: 'The percentages of consolidated revenues from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2025 — Shell (18%) and Petrobras (10%)'”
LOWOutside partyCustomer
10%
Petrobras
“10-K Item 1: 'The percentages of consolidated revenues from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2025 — Shell (18%) and Petrobras (10%)'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Helix Energy Solutions' backlog is highly concentrated among a handful of customers: six customers represent approximately 82% of total backlog as of the end of 2025, a high-size dependency that makes future revenue visibility sensitive to a small set of contracting decisions. Within current revenue, no single customer reaches that scale — Shell accounted for 18% and Petrobras for 10% of consolidated revenues, both comparatively low shares individually, though together they show recurring reliance on major oil and gas operators. The Robotics segment adds a structural concentration of its own: offshore renewable energy contracts made up 49% of that segment's revenue, tying a meaningful part of the business to the renewables project cycle rather than any one counterparty. Netting these out, the backlog concentration is the exposure most likely to move the verdict — a loss of one or two of those six anchor customers could disproportionately affect future work, while the individual current-revenue customer shares are low enough to absorb without much difficulty. The renewables mix within Robotics is a slower-moving, structural factor rather than an acute risk.
For the engine’s reasoning on HLX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas Equipment & Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AROC | Archrock, Inc. | 2 | 1 | 0 | 3 |
| AESI | Atlas Energy Solutions Inc. | 1 | 2 | 0 | 3 |
| HLX● | Helix Energy Solutions Group, I | 1 | 1 | 2 | 4 |
| BKR | Baker Hughes Company | 1 | 0 | 0 | 1 |
| ACDC | ProFrac Holding Corp. | 0 | 3 | 0 | 3 |
| CLB | Core Laboratories Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.